What is the labor efficiency variance

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1) Annapolis Company completes job #601 which has a standard of 510 labor hours at a standard rate of $19.10 per hour. The job was completed in 650 hours and the average actual labor rate was $18.00 per hour. What is the labor rate variance? A negative number indicates an favorable variance and a positive number indicates an unfavorable variance.

2) Annapolis Company completes job #601 which has a standard of 540 labor hours at a standard rate of $19.50 per hour. The job was completed in 510 hours and the average actual labor rate was $19.80 per hour. What is the labor efficiency (quantity) variance? A negative number indicates an favorable variance and a positive number indicates an unfavorable variance.

Reference no: EM132480415

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